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EURUSD & U.S. Dollar Index - July 11 , 2016 (EWI)

There is no new information in terms of the wave structure or sentiment that would indicate a change of stance in our analysis of the [U.S. Dollar Index] and the [Euro]. Intermediate wave (5) started at the 91.919 low on May 3 in the U.S. dollar and should carry prices to new highs. The key level for the bullish case remains the May 3 low. The euro should decline below the 1.0910 low on June 24 to complete Minor wave D of Intermediate wave (B). If prices close above 1.1211, the rising trendline from December, it would suggest that Minor wave E may already be underway.

EURUSD & U.S. Dollar Index - July 13 , 2016 (EWI)

We see no new evidence in terms of the wave structure or sentiment that would indicate a change of stance in our analysis of the [U.S. Dollar Index] and the [Euro]. The same scenarios that we’ve discussed remain intact. Intermediate wave (5) started at the 91.919 low on May 3 in the U.S. dollar and should carry prices to new highs. The key level for the bullish case remains the May 3 low. The euro should decline below the 1.0910 low on June 24 to complete Minor wave D of Intermediate wave (B). If prices close above 1.1220, the rising trendline from December, it would suggest that Minor wave E may already be underway.

EURUSD & U.S. Dollar Index - July 15 , 2016 (EWI)

The short term wave development in the [U.S. Dollar Index] and the [Euro] has slowed to a crawl. Still, our forecasts for each currency remains intact. Intermediate wave (5) started at the 91.919 low on May 3 in the U.S. dollar and should carry prices to new highs. The key level for the bullish case remains the May 3 low. The euro should decline below the 1.0910 low on June 24 to complete Minor wave D of Intermediate wave (B). If prices close above 1.1222, the rising trendline from December, it would suggest that Minor wave E may already be underway.

EURUSD & U.S. Dollar Index - July 18 , 2016 (EWI)

There are no new developments that alter our forecast for the [U.S. Dollar Index] or the [Euro]. The U.S. dollar started Intermediate wave (5) at the 91.919 low on May 3. This wave of advance should carry prices to new highs. The key level for the bullish case remains the May 3 low. The euro should decline below the 1.0910 low on June 24 to complete Minor wave D of Intermediate wave (B), as shown on the chart. If prices close above 1.1228, the rising trendline from December, it would suggest that Minor wave E is already underway.

The main trend is still bullish, but the pair faced with resistance at 1.2359, so there's consolidation. Nevertheless, it's likely that the market is going to continue moving up towards the next resistance at 1.2474 - 1.2509. If a pullback from this area happens little later on, there'll be a moment to have a decline.

The price is consolidating between the levels 1.2334 - 1.2391. It's likely that the pair is going to reach the closest support at 1.2391 - 1.2368. Meanwhile, if we see a pullback from these levels, bulls will probably try to test another resistance at 1.2434 - 1.2474.

On the daily chart, EUR/USD keeps forming a «Widening wedge”. The inability of bulls to hold to 1.2307-1.2320 will point at their weakness and open the way down towards 127.2% target of AB=CD.

On H1, EUR/USD bears are ready to test the support at 1.2275. Success will allow them to trigger the “Crab” pattern with a target at 161.8%. Conservative approach means selling at 23.6% of the wave 4-5 of the widening wedge pattern.

The main trend is still bullish. The 89 Moving Average has acted as support, so there's a "V-Bottom" pattern. It's likely that the market is going to test the next resistance at 1.2346 - 1.2359 in the short term. If a pullback from these levels happens afterwards, there'll be a moment for a bearish correction.

Bears faced with resistance at 1.2290, so there's a "Thorn" pattern. In this case, we should keep an eye on the Moving Averages as the nearest bullish target. A pullback from these lines could be a departure point for another decline.